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Sen. Mattie Hunter
Filed: 4/8/2021
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1 | | AMENDMENT TO SENATE BILL 2445
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2 | | AMENDMENT NO. ______. Amend Senate Bill 2445 on page 2, |
3 | | line 4, after "service.", by inserting "No credit period may |
4 | | include a taxable year beginning prior to January 1, 2024."; |
5 | | and
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6 | | on page 2, by replacing lines 24 through 26 with the following: |
7 | | "credit set forth in Section 42 of the Internal Revenue |
8 | | Code."; and |
9 | | on page 4, line 19, by replacing "2021" with "2024"; and |
10 | | on page 9, line 1, by replacing "2022" with "2025"; and |
11 | | on page 9, line 13, by replacing "Department and the |
12 | | Department of Insurance" with "owner of the qualified |
13 | | development, the Department, and the Department of Insurance"; |
14 | | and |
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1 | | on page 9, line 14, by replacing "recaptured", with |
2 | | "recaptured and the event triggering recapture. The Authority |
3 | | shall provide such notice to the Department and Department of |
4 | | Insurance no earlier than 6 months after the event triggering |
5 | | recapture to allow the owner of the qualified development an |
6 | | opportunity to correct the event."; and |
7 | | on page 9, line 17, by replacing "and" with "or"; and |
8 | | on page 9, line 23, after "recapture.", by inserting "If |
9 | | multiple taxpayers claimed a credit with respect to the |
10 | | building for which the credit is to be recaptured, each of |
11 | | those taxpayers shall be liable for a portion of the recapture |
12 | | equal to the percentage of credit with respect to that |
13 | | building originally claimed by that taxpayer."; and |
14 | | on page 11, lines 4 and 5, by replacing "by December 31 of each |
15 | | allocation year" with "by February 28 of each year following |
16 | | the annual allocation"; and |
17 | | on page 13, line 21, by replacing " 2022 " with " 2025 "; and |
18 | | on page 13, line 23, by replacing " 2021 " with " 2024 "; and |
19 | | on page 15, line 3, by replacing " 2022 " with " 2024 "; and |
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1 | | on page 21, lines 12 and 13, by replacing "by adding Section |
2 | | 15-178" with "by changing Section 10-260 and by adding Section |
3 | | 15-178"; and |
4 | | on page 21, immediately below line 13, by inserting the |
5 | | following:
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6 | | "(35 ILCS 200/10-260)
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7 | | Sec. 10-260. Low-income housing. In determining the fair
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8 | | cash value of property receiving benefits from the Low-Income |
9 | | Housing Tax
Credit authorized by Section 42 of the Internal |
10 | | Revenue Code, 26 U.S.C. 42,
emphasis shall be given to the |
11 | | income approach , except in those circumstances
where another |
12 | | method is clearly more appropriate .
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13 | | In counties with more than 3,000,000 inhabitants, during a |
14 | | general reassessment year in accordance with Section 9-220 or |
15 | | at such other time that a property is reassessed, to determine |
16 | | the fair cash value of any low-income housing project that |
17 | | qualifies for the Low-Income Housing Tax Credit under Section |
18 | | 42 of the Internal Revenue Code: (i) in assessing any building |
19 | | with 7 or more units, the assessment officer must consider the |
20 | | actual or projected net operating income attributable to the |
21 | | property, capitalized at rates for similarly encumbered |
22 | | Section 42 properties; and (ii) in assessing any building with |
23 | | 6 units or less, the assessment officer, prior to finalizing |
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1 | | and certifying assessments to the Board of Review, shall |
2 | | reassess the building considering the actual or projected net |
3 | | operating income attributable to the property, capitalized at |
4 | | rates for similarly encumbered Section 42 properties. The |
5 | | capitalization rate for items (i) and (ii) shall be one that |
6 | | reflects the prevailing cost of capital for other types of |
7 | | similarly encumbered Section 42 properties in the geographic |
8 | | market in which the low-income housing project is located. |
9 | | All low-income housing projects that seek to be assessed |
10 | | in accordance with the provisions of this Section shall |
11 | | certify to the appropriate local assessment officer that the |
12 | | owner or owners qualify for the Low-Income Housing Tax Credit |
13 | | under Section 42 of the Internal Revenue Code for the |
14 | | property, in a form prescribed by that assessment officer. |
15 | | (Source: P.A. 91-502, eff. 8-13-99; 92-16, eff. 6-28-01.)"; |
16 | | and
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17 | | on page 25, line 22, by replacing " or improvements are " with |
18 | | " is "; and |
19 | | on page 26, line 3, by replacing " or improvements are " with |
20 | | " is "; and |
21 | | on page 26, line 10, by replacing " or improvements are " with |
22 | | " is "; and |
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1 | | on page 26, line 17, by replacing " or improvements are " with |
2 | | " is "; and |
3 | | on page 26, lines 25 and 26, by replacing " or improvements are " |
4 | | with " is "; and |
5 | | on page 34, line 11, by replacing " , " with " : "; and |
6 | | on page 34, immediately below line 14, by inserting the |
7 | | following: |
8 | | " "Assessed value for the residential real property in the |
9 | | base year" means the value in effect at the end of the taxable |
10 | | year prior to the latter of: (1) the date of initial |
11 | | application; or (2) the date on which 20% of the total number |
12 | | of units in the property are occupied by eligible tenants |
13 | | paying eligible rent under this Section. "; and |
14 | | on page 49, line 15, by replacing " 2022 " with " 2025 "; and |
15 | | on page 49, line 17, by replacing " 2021 " with " 2024 "; and |
16 | | on page 53, line 1, by replacing " 2022 " with " 2025 "; and |
17 | | on page 53, line 3, by replacing " 2021 " with " 2024 ".
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